DawgTalkers.net Forums DawgTalk Palus Politicus Sigh…the economy... Part 2

May I ask a question to all the Dawgs across the country.

I live in SC and everyone I talk to is in agreement that there have never been more Help Wanted signs than there are right now. Yet, we have pan handlers on the corner right across from businesses that have Help Wanted signs on display. Are folks in other parts of the country seeing the same things in regards to a shortage of workers for available jobs?

Worker shortage, yes. But no uptick that I've noticed in panhandlers. I am seeing more homeless though and that's probably drug/mental health-related. I think we are seeing the effects of the divides, covid mental/physical health, and people so beat down they just don't care anymore. They can stay home and be broke easier than killing themselves and still being broke. No idea how they are making a living other than the crazy number of gig workers I see delivering food and pickers in grocery stores prepping deliveries or pickup orders.

One more thing, I did see an uptick in remote work for big tech and smaller firm coding jobs during the pandemic. With no college education needed to become a programmer, there may have been a shift to that field or related fields too. But I have no numbers and it's pure speculation on my part. But those job offerings are abundant right now, and most pay very well.

Oh, and I just remembered, I've heard of at least six YOUNG people that I know of through friends of friends, getting DISABILITY over mental health issues for not being able to deal with crap in the world. I was floored by that and hope that isn't a trend. But I think it might be a thing right now.

Anyone with a pension, a 401k, an ira, any public employee..............they all, whether they know it or not, are invested in the stock market.

I was wrong. Only 53.9% is owned by the 1%:

Soaring markets helped the richest 1% gain $6.5 trillion in wealth last year, according to the Fed

The wealth of America’s wealthiest people, such as Warren Buffett and Jeff Bezos, increased by a total of $6.5 trillion last year, mainly driven by soaring stock prices and financial markets, according to the Federal Reserve.

The total wealth of the 1% reached a record $45.9 trillion at the end of the fourth quarter of 2021, said the Federal Reserve’s latest report on household wealth. Their fortunes increased by more than $12 trillion, or more than a third, during the course of the pandemic.

“The numbers are astounding,” said Edward Wolff, professor of economics at New York University. “The pandemic wealth boom certainly ranks at or near the top of all the wealth booms over the last 40 years.”

The top 1% owned a record 32.3% of the nation’s wealth as of the end of 2021, data show. The share of wealth held by the bottom 90% of Americans, likewise, has declined slightly since before the pandemic, from 30.5% to 30.2%.

The wealth growth at the top has potentially stalled or declined slightly so far this year due to stock declines.

The main drivers for the richest Americans last year were stocks and private businesses. About $4.3 trillion of the overall gains for the 1% last year came from corporate equities and mutual fund shares, according to the Fed data. The stock portfolios of the top 1% are now worth $23 trillion, and they own a record 53.9% of individually held shares, according to the central bank.

Despite claims of a democratization of the stock market, with millions of new retail investors opening trading accounts on Robinhood and other platforms, stock ownership in America has actually become more concentrated than before the pandemic. The top 10% owned a record 89% of individually held corporate equities and mutual fund shares at the end of 2021.

A Gallup in 2021 found that 56% of Americans owned at least some stock — slightly above the average of 55% in 2019 and 2020, but still down from the 62% high before the 2008 financial crisis.

More wealth inequality
Soaring stock prices have created a “feedback cycle” for wealth and inequality, said Wolff, the NYU professor. Because stock ownership is tilted toward the top of the wealth ranks, rising stock prices shift more money to richer Americans. Since the wealthy can afford to save and invest a larger share of their added wealth, more of the nation’s wealth gains flow to the stock market. That raises stock prices even further.

“Rising wealth inequality drives the stock market, which then drives more wealth inequality,” Wolff said.

Private businesses have also been a powerful engine of wealth for those at the very top. The 1% own 57% of private companies, according to the Federal Reserve. The value of private businesses held by the wealthiest increased by 36%, or $2.2 trillion, last year.

“Small business is really key when you talk about the sources of their wealth,” Wolff said.

The 1% have also benefited modestly from rising real-estate values. Their real-estate holdings increased by just under $1 trillion during the pandemic, to reach a high of $5.27 trillion.

But their share of the nation’s real estate actually fell slightly during the pandemic, as home prices and home ownership also increased for rest of the country. Real estate is far more broadly owned than stocks, so the rising in home prices has helped the middle class slightly more than the wealthy. The top 1% owned 14% of the nation’s real estate at the end of 2021, down from 14.5% before the pandemic at the end of 2019.

The bottom 90% of Americans added $2.89 trillion to their wealth last year from real estate.

“The housing boom has benefited the middle class,” Wolff said. “If it hadn’t been for that, wealth inequality would have grown even more than it did.”

https://www.cnbc.com/2022/04/01/richest-one-percent-gained-trillions-in-wealth-2021.html

But hey, if they made 6 Trillion, everybody else must be way up there too... I just don't understand when LOSING in the stock market suddenly came off the table. It happens people, there are no guarantees in speculation. If you can't afford to play, don't.

j/c...



https://www.congress.gov/bill/117th-congress/senate-bill/3580

First I've heard of this. If it's about fixing supply lines, what the hell took so long in the House?

The politicians are figuring out that their jobs might be in jeopardy if they dont pull their heads out of their butts.

My guess is that the bill had to be introduced into the House, be taken up by the subcommittee, held hearings and voted on to move out of subcommittee for a debate in the House and then put to a full vote. The House of Reps was only in session a total of 5 weeks from April thru June after it had passed the Senate in late March and introduced to the House on 4/4/22.

https://rational360.com/wp-content/uploads/2021/12/2022-Combined-Congressional-Calendar.pdf

June 13, 2022
Congress Approves Shipping Reform Legislation to Help Ease Supply Chain Challenges

.......


“It seems that no one in America today doesn't know the phrase 'supply chain disruption.' That's why, as Chair of the Subcommittee on Coast Guard and Maritime Transportation, I've held hearings on these ongoing bottlenecks and met with stakeholders across all industries who've felt the pain of these disruptions—including those who've had problems with ocean carriers," Rep. Carbajal said. "I am proud to see the bipartisan Ocean Shipping Reform Act on its way to becoming law this week with its final passage in the House today. I commend Representatives Garamendi and Johnson for their tenacity in getting this bipartisan overhaul of our shipping rules to President Biden's desk. I am proud of our committee’s work with them on this important legislation that will protect American manufacturers and farmers and counter trade imbalances with foreign exporting countries.”

“Nine multinational ocean shipping companies formed three consortiums to raise prices on American businesses and consumers by over 1,000% on goods coming from Asia. This allowed these foreign companies to make $190 billion in profits last year—a sevenfold increase in one year,” Rep. Garamendi said. “I introduced the ‘Ocean Shipping Reform Act’ to provide the Federal Maritime Commission with the necessary tools to protect American businesses and consumers and address America’s longstanding trade imbalance with China and other countries. This bill will help crush inflation and protect American jobs. I’m grateful to Chair DeFazio for his support and advocacy for this bill, and I am pleased that the ‘Ocean Shipping Reform Act’ will soon be signed into law by President Biden.”

https://transportation.house.gov/ne...ion-to-help-ease-supply-chain-challenges

Wondering why the feds are only doing a .75 rate hike instead of a full percentage point or higher. And I don’t know what people expect. Y’all really thought rates was gonna remain damn near zero forever?

It’s like people didn’t do the right thing and budget correctly, or learn any sort of lessons from the 07-08 crash. I keep seeing people complain about inflation, yet I don’t see any less dudes with ballsacks on the back of their lifted pick up trucks driving around any less. Or the suburban mom with 1 kid and a dog driving around and in the brand new Escalade or Tahoe. People got so use to spending far out of their means then act surprised when the economy pulls a 180 on them. And then I’m trying to figure out who out here is seriously impacted vs being fake, because the housing demand is still at historic highs. We’re what? Something like 3-4 million houses short of the current supply to meet the demand?

Somebody has bread out here. Wonder what them credit card balances and personal loans looking like though.

This isn’t the first time gas prices were high. Yet the moment they went down, Americans went right back out to buy these road queen trucks and big ass SUVs, then turn around and act surprised and upset when gas prices go up again, and this time even higher.

Swear people gotta learn everything the hard way. The property tax increase sucks, but oh well. If you didn’t get a fixed rate mortgage when the interest rates were low, that’s your fault. Some of y’all got these ARMs thinking you was pulling a fast one on the rates, and now getting hit with a property tax hike and an interest rate hike.

I thought we as adults were supposed to adapt and evolve. Guess not.

You make a lot of assumptions about people.

My truck is a 2000, 2 wd, sierra. I've had it 12 years - bought it with 175125 miles on it. In 12 years I've put a whopping 35,000 miles on it.

Daughter drives a 2014 Chevy Cruze - 90,000 miles on it. Wife drives a 2015 Jeep Grand Cherokee, 87,000 miles on it. We've lived in our house for over 22 years. Credit card bills are paid in full every month (other than a time or 2 per year when I buy stuff for work, or like today - 4 tires and brakes on my work van).

And yes, dude, inflation is hitting me. Hard. From what I/we spend, to people that I work for that aren't spending. It's hitting me. I don't have a guaranteed income like some do.

So, even common Joe's like me, that absolutely do NOT live an extravagant life style by any, ANY stretch, are feeling the pinch. And the pinch is getting tighter and tigher. I wish I could drive luxury cars, and build a new house, I just can't afford it. Wait - if I had 1 million in the bank, I wouldn't waste my money on fancy cars, or a new house. I'm smarter than that. I don't care what things "look like"

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Y'all need to stop feeding the troll.

I agree with you, but I asked him for a reason. There’s the whole correlation/causation/yell at a cloud thing.

First if you still driving around in a 2000, you’re truck is less fuel efficient than the new ones today. So your cost of ownership is actually costing you more money.

I mean that’s basic finance right there.

You could’ve been had a newer truck and had it paid off by now.

Also, the country exist more than 20 miles outside of your radius. You starting to remind me of AOC, who makes these comments based on where she lives as if everybody lives in NYC. Much bigger country beyond that.

And once again, just like Frank, you’ve been on record Saying the same damn thing about people going broke trying to keep up with the Jone’s.

But all of a sudden when SWISH says it, you have a problem. Freaking pathetic.

jc



We shouldn't let GOPers forget this bit. But this is probably Biden's fault too. Trump intentionally undermined Biden's admin here.

Trump says US will cut oil production to secure global deal

President Trump said Friday the U.S. would reduce its oil production to move forward with a tentative deal limiting global output, part of an effort by the administration to address sinking prices affecting American oil producers.

An agreement outlined during a Thursday meeting of the Organization of the Petroleum Exporting Countries and other oil-producing nations known as OPEC+ would cut production by 10 million barrels a day, a 10 percent drop in oil production.

But that deal was stalled by Mexico, where President Andrés Manuel López Obrador has been hesitant to cut production levels following campaign promises to boost Mexico’s oil industry.

“The United States will help Mexico along, and they’ll reimburse us sometime at a later date when they’re prepared to do so,” Trump said, recapping a conversation with López Obrador.

Trump said the U.S. would cut production levels by 250,000 to 300,000 in order to assist Mexico in meeting the parameters outlined by OPEC+, but he could not provide any details as to how Mexico would reimburse the U.S. for cutting production.

“There’s no real cost because you’re saving it for another day,” Trump added when pressed for more details.

How Trump will force the domestic oil production cut is also unclear.

U.S. antitrust law prohibits oil companies from coordinating their production, and there is no direct mechanism for the government to dictate production levels to private oil companies.

“U.S. production has already been cut because we’re a market driven economy and oil is very market driven. They’ve been cutting oil all over the place,” Trump said.

The deal Trump is trying to shepherd across the finish line would stall a trade dispute between Saudi Arabia and Russia, with both counties increasing production as the coronavirus pushed demand for oil to drop by 30 percent.

Trump has had conversations with both leaders, including a call to Russian President Vladimir Putin on Friday morning.

U.S. production has already fallen amid sinking oil prices.

The number of rigs used to drill new oil wells is down by more than 400 from the same time last year, with nearly half of that decline coming in the last month.

The U.S. Energy Information Administration, part of the Energy Department, predicts domestic oil production will drop by 500,000 barrels per day through the rest of the year, a figure that could decrease by 700,000 barrels per day into next year. The U.S. typically produces about 12 million barrels of oil each day.

The administration’s main method for alleviating oversupply issues has been an effort to fill the nation’s Strategic Petroleum Reserve with 77 million barrels of U.S. crude, but the $3 billion in funding needed to do so was not included in a stimulus package approved by Congress.

“For our part, the United States is taking action to open our Strategic Petroleum Reserve to store as much oil as possible. This will take surplus oil off the market at a time when commercial storage is filling up and the market is oversupplied,” Energy Secretary Dan Bouillette said Friday at a virtual meeting of the Group of 20 energy ministers, which is discussing a deal to reduce global oil production by an additional 5 million barrels per day.

Trump said Friday that record low prices have had some benefits, with drivers able to fill tanks in some parts of the country at price points not seen in decades.

“So there’s some good,” he said. “The airlines are trying to come back; having low fuel costs is good for them.”

https://thehill.com/policy/energy-e...ut-oil-production-to-secure-global-deal/

Trump is the best at failing time and again.

Basic finance?? lol

If he bought a "newer" truck his cost of ownership would be like 30k higher!

You think he spent an extra 30k on gasoline?

lol what a brain dead post. you think a truck built in 2000 is more fuel efficient than the newer truck built in the early-mid 2010's? you do understand what cost of ownership means, right? brakes, service, wear and tear, etc. it isn't just gas.

the fact that you honestly said 30k on gasoline has me laughing too. except i'm not laughing with you. i'm laughing AT you.

god you conservatives really know how to make yourself look stupid.

Watching the Left run this Country into the ground is your evidence?

Conservatives are gonna be years fixing this mess.

Fixing what? Giving corporations more power to destroy this country? You understand that corporations raised prices for absolutely no reason right? You want to give them more power to that?

You fight for your corporate slave masters all you want. Don’t expect me to go along with it.

You seem to think you are making a point, but you are not.
That article is from April 2020.... when the whole freaking world was at a standstill from COVID. *Everybody* HAD to cut production to stop prices from flatlining.

Also, to aid in the math, it is over two years ago and not in any way germane to anything happening today. Not at all.



As for cost of ownership silliness on older cars vs newer: it's an empty argument until/unless maintenance on the older car exceeds payments + maintenance on the newer car. Math 101.

Even with occasional repairs and regular maintenance, keeping my 2011 sedan is still a better financial choice than even leasing a newer sedan, much less buying one.

I’m sure the maintenance on your sedan cost less than a pickup truck.

God it’s like you guys don’t even think about what you’re saying before posting. Might as well compare cost of ownership of a smart car compared to a H2 hummer and claim it’s the same. Cause that’s what you just did.

But once again. Only you guys are allowed to criticize people who leave well above their means. But when swish does it, it’s silly.

Uhhh, I just compared a sedan to a sedan. Should I compare my truck to a new truck for you?

What the hell stuff are you making up in your head here???

let me do that real quick:

2013 F250 6.7 Powerstroke w/ > 200k miles.... the engine is currently hydrolocked and I need to replace 7 of 8 injectors (one was done last summer). It is STILL more economical for me to hang onto it and do all the work than it is to get a new one.

Yea I guess you’re right….if you ignore the fact that the original comment was about people living above their means, and how fuel efficiency with Arch’s old truck combined with cost of ownership increases the cost over a newer truck (not NEW, newer).

But yea you’re right bro. Just jump right on in and talk about your sedan like it’s got a 26 gallon tank with a V8 engine with the ballsack swinging back and forth.

And to emphasize, newer is not the same as new. I didn’t think I’d have to explain that to you, and yet here we are.

Somehow purp believes newer = new. So I had a 2000 truck, and got a 2015 truck, that’s somehow brand new in Purps world, not newer.

Am I talking to adults or right wingers on Twitch? I can’t tell anymore.

Thanks purp. I now know to speak to you guys as if you’re in the 5th grade.

so lets just go ahead and clarify it now guys.

when i say get a newer iphone, i dont mean BRAND new, just maybe think about a 11?

when i talk about a newer laptop. maybe not a NEW one? maybe a 2019.

let me know if i need to type small post and sentences at a time so we can all keep up, k? i know you guys don't like education, especially from liberal public schools, and i'm starting to learn the MAGA language, so i'm willing to work with you guys here.

imagine being ganged up on because i actually listened to fiscal conservatism by not buying crap i can't afford, saving money, investing into the stock market, and evolving with the times to make sure price increases doesn't affect me too much. self accountability and all that.

apparently now that's a bad thing. or maybe it's only a bad thing when Swish does it.

Which has nothing to do with the conversation at hand. Don't be a martyr.

What is the Section 179 Deduction
Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below.

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

Several years ago, Section 179 was often referred to as the “SUV Tax Loophole” or the “Hummer Deduction” because many businesses have used this tax code to write-off the purchase of qualifying vehicles at the time (like SUV’s and Hummers). But that particular benefit of Section 179 has been severely reduced in recent years (see ‘Vehicles & Section 179‘ for current limits on business vehicles.)

However, despite the SUV deduction lessened, Section 179 is more beneficial to small businesses than ever. Today, Section 179 is one of the few government incentives available to small businesses, and has been included in many of the recent Stimulus Acts and Congressional Tax Bills. Although large businesses also benefit from Section 179 or Bonus Depreciation, the original target of this legislation was much needed tax relief for small businesses – and millions of small businesses are actually taking action and getting real benefits.

https://www.smbsales.com/2021-tax-deductions-for-new-used-equipment-purchases/#:~:text=Essentially%2C%20Section%20179%20of%20the,PRICE%20from%20your%20gross%20income.

Before I go any further, let me quickly go over what Section 179 is. It is the tax deduction that allows companies to write off the full purchase price of qualifying new and used equipment purchased during the calendar year. Companies can deduct the total of all eligible equipment purchased during the year, up to $1,050,000 in 2021. This makes Section 179 very attractive, since the company gets needed equipment and a nice tax write-off at the same time. For more information about Section 179, visit www.irs.gov or www.Section179.org.

While almost any equipment bought during the year will qualify, many companies will wait until later in the year, typically November and December, to make specific and/or larger Section 179 purchases. The reasons for this are many. For some companies, the end of the year simply sneaks up on them and they don’t want to lose out. Others may want to see how the year is going to look on paper. If the numbers look good, let’s buy that expensive backhoe (etc.) now and take the full deduction.

As long as the qualifying equipment is purchased and put into service by midnight on December 31, a company is eligible to take the deduction.

https://www.forconstructionpros.com...t-miss-out-on-section-179-tax-deductions

somebody help me out here. because apparently section 179 of the IRS code is fake news to you guys. it must not work like that, or you guys are getting played.

So, section 179 doesn't say you get it for free. You have to pay for it. And that deduction only comes off your gross income, not your tax bill. Great, go buy new equipment. You still have to pay for it. And you get a small fraction of it in tax benefit.

so when you get new or used equipment, you don't increase your productivity whatsoever? you just be buying it to do what? be less productive at work?

that's like me being a limo driver, buying a new limo, but then driving less and crying about expenses going up while not increasing the productivity the new limo was intended for. it seems like you don't understand that business purchase the equipment, use it to earn more contracts, and then at the end of the year claim section 179 to offset the purchase price.

i'm starting to understand why you still got a 2000 truck for work.

Why? No seriously, why? Nobody is stopping them from gouging and taking record profits while consumers suffer crazy prices. Letting prices flatline is how the markets should work in down times. Republicans love free markets as long as the can manipulate them and pick the winners and losers. It's all part of the great transfer of wealth to the top. Trump is just as guilty for gas prices as Biden, that was the point and it's true. And for the record, neither of them could have prevented this, unless Trump could have twerked for Putin or something to keep him from invading Ukraine. Meh, Trump would have sent troops to help his buddy, Vlad.

just remember bro: these guys love the free market. well the free market decided to raise prices just cause. so now they're blaming biden.

but the moment biden does something in an ATTEMPT to reel in the free market, they gonna be right back on here talking about communist woke marxist policies.

they love the free market so much that when the free market screws them, they blame somebody else. i dont know how to combat that level of stupidity.

You can't. Can't fix it either. We need a political sandbox. When you have code you can't trust to operate appropriately, you run in an isolated environment called a sandbox for analysis, to minimize the harm it could potentially do in the wild (run openly). We need that for GOPer politics until they come back to reality.

First, which proves you don't read and understand, I don't have 2000 work truck, okay? Got that? That particular vehicle has nothing to do with my work, okay? I mean, at under 3000 miles a year driven, I wouldn't think I'd have to explain that.

The rest of your post makes no sense.

Regardless, tax deductions - you can deduct the amount you paid, but it comes from the gross you earned. I'll simplify it for you: If you make $10, and you spend $1, your taxable income is $9 for the year. If you make $10, but buy new stuff that costs $10, your taxable income is 0 - FOR THE YEAR. Next year, you're back to paying taxes, while still making payments on the equipment you bought.


Oh, you think just buying new stuff gets you new business? Obviously, you have no business background.


And again for the record. that model year 2000 truck I have? Under 3000 miles per year, driven for recreational purposes. Why in God's name would I buy a new personal vehicle for some $60,000 to do that? I'm not you. "Showing" isn't anything I'm into. Looking wealthy isn't anything I care about.

But, I can see how you need the image with your BMW, that you were so damn upside down on, and your truck, same thing, and your current vehicles............just borrow money. Hell build a new house. I don't believe you have a job, so your wife must make serious coin for you to be doing all the stuff you claim.

Alright, this thread is complete.

Trump = bad

Biden = good

GOP = evil


We could have saved all this back and forth without Swish embarrassing himself.

And, oh yeah... Arch... get with the times, bro.

These new trucks have new features. I know it seems the same on the surface, one engine, four tires, etc... But the "newer" ones come with a cloning feature.

YOU WILL BE SO MUCH MORE PRODUCTIVE. (Can't make this stuff up )

I'll stay away from them then, I think we can safely say one of me is too much.

Lol bro you trying so hard, it’s cute.

I get it bro. You hate that I’m more fiscally conservative than you. I know it sucks that I come from a poorer background yet jumped over you in the tax bracket.

Oh, and you know building a crib helps keep people employed, right? Maybe I shouldn’t build a crib so I can own the conservatives?

What do you think is more productive: A WW2 era plane, or an F-22?

You don’t think being efficient is important in business? Never mind. I forgot I’m talking to conservatives. Y’all schedule is filled with a whole bunch of “executive time” lmfao